Bank of America Corp is under contract to sell a downtown Manhattan office building and lease it back, as the big bank continues to shed properties from its balance sheet.

Bank of America has agreed to sell the 31-story building at 222 Broadway to Beacon Capital Partners and L&L Holding Co for $230 million, or about $320 per square foot, a source familiar with the transaction said on Tuesday.

Bank of America spokeswoman Jennifer Darwin confirmed the agreement for 222 Broadway. A representative from Beacon could not be reached for an immediate comment.

Beacon and L&L also owns 195 Broadway, the former headquarters of the defunct American Telephone and Telegraph Co (AT&T), located across the street from 222 Broadway.

The building is also located across from the Fulton Street Transit Center, which is currently under construction.

Bank of America, the second-largest bank, said in February that it planned to sell and lease back 222 Broadway and two buildings at its Charlotte, North Carolina, headquarters as it sheds non-core assets under an efficiency program.

The bank at the time said it was reviewing its portfolio of properties and making decisions about whether to sell its ownership interests. The bank said it was not considering selling its headquarters in Charlotte or its ownership interest in Bank of America Tower at One Bryant Park in New York.

Last month, Bank of America sold 100 Federal St. in Boston to Boston Properties Inc for $615.0 million. The bank also leased back 787,000 square feet in that building.

Jones Lang LaSalle Inc represented Bank of America in the Broadway transaction.

Darwin declined to comment on the two Charlotte buildings and plans for any other sales.

(Reporting By Ilaina Jonas; Editing by Maureen Bavdek)

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